Important considerations before applying for probate

Probate is the legal process that grants you the authority to manage a loved one's estate after they pass away, and it is a necessary step to ensure that their property and assets are handled correctly. Here are a few essential things to consider before applying for probate:

1. Registering the death 

Firstly, the death must be registered within five days of death. You can do so by contacting your local register office. They will provide further information on what you must do once you contact them. When you register a death, you'll get a certificate for a burial or to apply for a cremation. You'll also be able to buy death certificates - these prove the death has been registered. You may wish to obtain a few copies for your records.  

2. Locating the will

Next, you must investigate whether the person who passed away left a will or not - you may know this already. It may be that a solicitor's office holds the person's will. A will lets you know who can apply for probate and deal with the estate. The estate comprises everything owned by the deceased. Such assets can include property, money in the bank, shares, jewellery, and other valuable items. 

3. Intestate matters

If you are named as the executor of the will, you may apply for probate to administer the estate. If the deceased passed away without a will, they are said to have died 'intestate'. If this is the case, then the person's estate will be shared out according to the rules of intestacy. The closest relative to the person can apply to become the estate administrator. 

4. Contacting institutions

Once you have gathered all important documents and relevant records, you may need to contact other institutions such as banks, insurance providers, pension companies, etc. These institutions may require you to provide a death certificate before freezing any accounts the deceased had with them. You won't be able to access any accounts until you have received probate. 

5. Valuing the estate

The next step before applying for probate is to value the estate. The executor must also consider the individual's liabilities, including mortgages, loans, unpaid bills, and credit cards. You may also have to consider the value of any land or property that the person owned. You must report an estimated value as part of your probate application. 

It is advisable to get valuations carried out to avoid any queries HMRC raises. Valuing the estate can be a very complicated process, so it can be beneficial to appoint a probate solicitor to guide you through the process. 

6. Inheritance tax

Finally, it is important to note that inheritance tax (IHT) must be paid before probate can be granted. To do this, you will need to complete IHT forms using the value of the estate you have calculated. 

IHT only applies to estates with values above £325,000. The standard inheritance tax rate is 40%. It's only charged on the part of your estate that's above the threshold. The tax is paid using the funds available from the deceased person's estate. 

The executor is responsible for dealing with this. Any named beneficiaries (people who inherit your estate) normally do not pay tax on anything they inherit as it will have already been paid from the estate before distribution.

Expert guidance and support from our probate solicitors

If you require any advice while applying for probate, our team of solicitors can help. With the guidance and support of an experienced probate solicitor, you can have peace of mind knowing that the estate is being handled properly.

We have offices in Brighton, Eastbourne, Hastings, London, Uckfield, and Ulverston, assisting clients nationwide.